GulfCap, Heri Investments in Sh2.1bn deal to expand Nova Pioneer Schools
NAIROBU, Kenya, April 22 – GulfCap Investments Bank has partnered with real estate equity firm Heri Investments in a Sh2.1 billion sharia-compliant deal aimed at expanding Nova Pioneer’s educational footprint in Kenya.
Under the agreement, GulfCap will channel its Islamic finance funds into Heri Tripple Net Investments LP, a limited partnership managed by Heri.
The funds will be used to acquire ordinary shares in two companies that own Nova Pioneer schools at Tatu City, collectively valued at Sh3.23 billion.
Nova Pioneer, which operates 15 schools in Kenya and South Africa, will benefit from upgraded facilities and new development through the investment. The schools focus on holistic education, innovation, and leadership training.
Heri PLC, through its subsidiary Heri Holdings, has already committed Sh1.13 billion to the venture.
Investors in the partnership are expected to earn a total annual return of 14.24 percent over the 10-year investment period, combining dividends and capital appreciation.
GulfCap CEO Saud Shahbal said the deal supports the bank’s strategy to diversify and unlock value for its Islamic finance clients through ethical, community-focused investments.
Heri CEO James Kaniaru added that the project ensures both educational impact and sustainable returns for investors.
